BS Posts First Loss Since 2017 Amid Credit Suisse Integration

UBS Group AG posted its first quarterly loss in almost six years, as the ongoing integration of Credit Suisse drags on the Swiss lender’s performance.

The Zurich-based bank said it had a net loss of $785 million for the three months to September. The key wealth management unit saw pre-tax profit of $1.01 billion, lower than estimates.

UBS Chief Executive Officer Sergio Ermotti is seeking to chart a path through the biggest merger in finance in decades, cutting more than $10 billion in costs and readying the combined bank for a strategic revamp due to be announced in February. The bank’s shares have gained by about a third this year as investors back Ermotti’s plan to integrate Credit Suisse’s profitable businesses while winding down the rest.

Source from: Bloomberg